Warning To Wall Street: See How An Uber-Steep Yield Curve Created A Death Trap For Greek Banks

As we ponder the future shape of the US yield curve -- a curve that allows banks to mint free money by borrowing short and lending to the government -- we present you with this fascinating chart out of Greece courtesy of Morgan Stanley.

As you can see, Greek banks devoured bonds as the Greek 10Y/3M yield curve steepened.

Of course, if Greece goes bust, all of these long-dated bond purchases will prove to have been poisonous.